The Thing About People's Pensions

An airline pilot for American Airlines called in today. Pointed out that six years ago, all the pilots took pay cuts to keep American Airlines out of bankruptcy...and then all the executives of the company - the ones who schmooze, and don't work - they were given bonuses!

So this guy was upset that Rush is painting Union members with a wide swath.

This is also what Rush said:

I have never in my life expected to be paid after I quit working! I'M SORRY! I expect to be paid when I'm working. I have never assumed -- it doesn't compute, calculate with me -- that somebody is going to pay me when I'm no longer doing work for them.

So I have always thought it was my responsibility to take care of that.

Now here's the thing, to me. This is not a Union thing, per se. It's about promises that are made to people.

If you join a company, and you are told up front, that you will be getting a pension at the end of your tenure...only a fool would say - "No, thanks. I'll do all the savings myself. You don't need to give me a pension."

I guar-on-tee you that everyone who is getting or expected to get a pension believed that the company set aside money for them, in bank accounts that accrued interest, or invested it safely somewhere, so that the money would be there for them.

Instead, 9 times out of 10, the execs of a failing company raid that pension plan - and the people who have worked their lives at the job, were promised a pension, and don't get it... they are not the ones to blame for the financial distress they may find themselves in!

Someone in a big company promises you - in writing - what your pension will be - you believe them!

My dad is sort of an example. He used to work for an airline in Alaska, MarkAir. They were doing very well...then they overextended...and went bankrupt. They couldn't pay the pensions they'd promised...so the government took over the pension plan and the government is who is paying my dad his pension.

Should he turn it down because it's coming from the government (our taxes) instead of MarkAir? I don't think so!

And that is, to an extent, where the Occupy Wall Street folk had a point. Executives can drive their companies into the ground, all their employees can lose their jobs, and the executives are given bonuses and golden parachutes and go on to the next company, which they proceed to drive into the ground.

That's just not right.

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